Report suggests OPEC has succeeded in clearing up excess global supply that has weighed on the oil market since late 2014

Commercial oil stocks in industrialized economies have fallen to their lowest level in three years, the International Energy Agency said Wednesday, in the latest sign that the global supply glut has been mopped up and the market rebalanced.

In its monthly oil market report, the IEA said commercial oil inventories for the Organization for Economic Cooperation and Development countries declined in March by 26.8 million barrels month on month to 2.819 billion barrels. That is 1 million barrels below the latest five-year average...